The Real Deal Miami

TriStar Capital flips site bordering Midtown Miami for $13M

David Edelstein bought the property for $10.2M in May

November 19, 2015 04:30PM

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3300 North Miami Avenue (inset: David Edelstein)

3300 North Miami Avenue (inset: David Edelstein)

About six months after buying a retail property that borders Wynwood and Midtown Miami, TriStar Capital has flipped the parcels for $13 million, RKF confirmed to The Real Deal

The TriStar affiliate, 33 Midstar Buyer, sold the 25,790-square-foot site at 3300 North Miami Avenue to Block Capital Group. RKF Senior Directors Ben Mandell and John Ellis, and Executive Vice President Drew Schaul represented TriStar, according to a press release. Gaston Miculitzki of Brightway Properties represented the buyer, which is a partnership between the Miculitzki family, led by Martin Miculitzki, and Cabi Developers.

In June, David Edelstein, who heads New York-based TriStar Capital, sold 2601 and 2637 North Miami Avenue also for $13 million to Block Capital Group, which is a partnership between the former Vitality Holding and Cabi Developers.

Before Edelstein bought the 17,380-square-foot building for $10.2 million in May, it sold for $330,000 in 1986, Miami-Dade County records show. The building, which is occupied by stores such as Alessandra Gold, The Color House and Omega Decor.

The site is across the street from the Shops at Midtown, a 645,000-square-foot outdoor shopping center that spans four city blocks. On Wednesday, developer Alex Vadia sold a 6.6-acre site between 2900 to 3010 Northeast Second Avenue to AMLI Residential, a Chicago-based developer of luxury apartments, for $55 million.

In July, TriStar spent $65 million on Atlas Plaza in Miami’s Design District, home to Michael’s Genuine Food & Drink, Rolex, Longchamp, Trend by Sebastien James, and Markowicz Fine Art, among other tenants. – Katherine Kallergis